Lloyd's cuts: The Lloyd's of London insurance...

CHICAGO TRIBUNE

Lloyd's cuts: The Lloyd's of London insurance market said it will cut its staff to 1,900 from 2,200 by the end of February and to 1,600 by the end of the year. In a letter to employees, chief executive Peter Middleton described reductions in employee numbers as "inevitable" because employment costs are the largest item in Lloyd's expenditures.